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HomeMy WebLinkAbout0111 } ~tt • ~ F Lender's written a regiment or a licable law, Borrower shall { 8 PP pay ehe amount of all mortgage insurance premium: in the r manner provided under paragraph 2 hereof. Any amounts 'disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shalt be payable upon notice tram 1_ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement st the me payable from time to lime on outstanding principal under the Note unless payment of interest at nosh rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate - - permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. IaspecNos. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. + 9. Condemaatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, s with the excess, if any, paid to Borrower. In the event 'of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of ~ taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower, If the Property is abandoned by Borrower, or if. after notice by i.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at i~nder's option, either to restoration or repair of the ~ Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the :ime for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not he required to commence Proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Arty forhearance by Lender in exercising any-right or remedy hereunder, or ~ otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. ( The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness scarred by this Mortgage. 12. Remedies Cumulative. Ail remedies provided in this Mortgage are distinct and cumulative to any other right or j remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successivel}~. _ 13. Successors and A ~ ssiRas Bound; Joint and Several f.iabr7ity; Captions. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address ,or at such other address as Borrower may designate by notice to Tender as provided herein. and ib) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any. notice provided for in this Mortgage shall be deemed to have been rven to Borrower or i_ender when f g~ given in the manner designated herein. IS. Uniform Mortgage; Governing law; Severability. Tttis form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall mot limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable taw, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eifeM without the caoflicting provision, and to this end the provisions of the Mortgage and the Nou are declared to be severable. l6, Eormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trar~sfer of the Property; Assumption, If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by This Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, fender shall mail Borrower notice o[ acceleration in accordance with paragraph i4 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower fat{s to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph f R hereof. Now-UNIFORM Covex~sNrs. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Eorrower's breach of nay coveaaat or agreement of Borrower is this Mortgage. iocludirrR the covenants to pay when due any sums secured by this Mortsage, Lender prior to sccektatioa shall mail notice to Borrower ss pro~-idcd in paragraph t4 hereof specifying: (lj the bt<eacb; (2) the action required to enre arch breach; (3) a date. not tens than 30 days from the date the notice is availed to Borrower, by which such j breach mrrat be cured; and (4) that failure to curt such breach on or before the dale specified io the notice may result in accckratioa of the suers secured by this Mortgage. foreclosure. by judicial proceeding gad sale of the Property. The entice shall further inform Borrower of the right to reinstate after sccekration and the right to assert is the foreclosere proceeding the non-a:cstence of a defauk or env other deters of Borrower to sccelention and fomlostrrr..lf the breach Ls not cured on or before the date specified ie the notice. Lender at Lender's option may declare ap of the sums secured by this Mortgage to be immediately due and payable without further demand and may- foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all expeeses of forecbsure, including. but not limited to, reasonsbk attoraer's fees. ' and costs of documentary erideace, abstracts:nd title reports. 19. Borrower's Right to Reinstate, Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an}•'proceedings hegun by Lender to enforce this Mortgage discontinued at any time 6('t~JJ~ PAGE ~1